02 June 2009 04:01 [Source: ICIS news]
SINGAPORE (ICIS news)--China has exported its first ethylene dichloride (EDC) cargo this year with more overseas sales likely next month on high inventory levels, traders and producers said on Tuesday.
A Chinese vinyls producer had sold 15,000-20,000 tonnes of EDC for June-arrival loading to buyers in northeast Asia at a price equivalent to $400/tonne (€284/tonne) CFR (cost and freight) northeast (NE) Asia, industry sources said.
Low domestic prices and high inventory levels had encouraged the producer into an export position even though ?xml:namespace>
The country had not bought any fresh EDC cargoes since prices crossed the $300/tonne CFR NE Asia mark a month ago, traders said.
Market players had earlier speculated that India could be a possible destination for Chinese EDC exports but the ongoing monsoon season had dampened India’s demand for polyvinyl chloride (PVC) and in turn EDC. EDC is used as a feedstock to manufacture PVC.
Traders and producers said they did not rule out the possibility that
($1 = €0.71)
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